Canada’s largest owner gets US$75M credit
Toronto-based asset management company Slate has provided a C$75 million (US$56.4 million) non-revolving credit facility to InnVest Hotels, the largest owner and operator of hotels in Canada. The credit facility was provided to InnVest as part of Slate’s special situations strategy. Launched earlier this year, the strategy provides liquidity to members of Canada’s real estate industry, especially those impacted by COVID-19 induced market disruption. InnVest holds over 80 hotels in its portfolio and its management team oversees the day-to-day activities for almost 70 hotels that it either owns or are owned by third parties.
Marcus reports US$39.4M quarterly loss
Milwaukee, Wisconsin-based Marcus Corp. has reported a US$39.4 million third-quarter loss as its hotels and cinemas saw a big decline in business due to the COVID-19 pandemic. That loss compared with net income of US$14.3 million from the year-earlier period. It translated to a loss of US$1.30 per share, compared with net income of US$0.46 per share. Marcus reported revenue of US$33.6 million, an 84% drop from US$211.5 million.
More from the Milwaukee Journal Sentinel
Trump moves election party out of his hotel: U.S. President Donald Trump acknowledged last week that he was considering moving a planned election night gathering from Trump International Hotel in Washington, D.C., to the White House and is now doing just that. He cited the District’s coronavirus restrictions as the reason for the possible change of plans. D.C. currently limits gatherings to 50 or fewer people.
Vegas’ Aria receives COVID-19 penalty
The Aria hotel-casino in Las Vegas received penalties from the state for COVID-19 safety violations last week, according to the Division of Industrial Relations’ Nevada Occupational Safety and Health Administration. The citation to Aria Resort & Casino was issued after an investigation was initiated as a result of a complaint or referral filed with Nevada OSHA alleging workplace safety hazards. MGM Resorts released the following statement: “Aria has been cooperating with Nevada OSHA and plans to contest the citation and penalty because it does not believe it has violated any safety laws. There is no higher priority than the health and safety of our guests and employees and nothing we take more seriously.”